Steven M Renner on ADX Labs’ Philanthropy, Growth, and Other 2020 Successes
I’m very excited to share that despite the shaky first half of 2020, ADX Labs is reporting strong principled growth. By doubling down on our core values and engaging all 120 members of our corporate team in our shared mission, ADX is growing, and, I hope, leading by example.
For us at ADX, leading by example means embodying three key principles: invest in great people, support our communities, and pursue self-reliance by trusting our decisions.
As a global group of companies in technology, entertainment and services, the coronavirus pandemic started to encroach on us from the first days of 2020. Our teams made an early decision to maintain full employment across the group, and to seek out new talent became available. As a result, we have added to our global headcount over the first seven months of 2020, growing our number of full-time employees by more than 9%, leading us to nearly double our 2018 headcount.
ADX’s second principle, to proactively invest in our communities, has been driven by the ADX Foundation. Since April 2020, ADX has donated more than $250,000 to relevant local and global non-profits through this charitable arm.
Over the last few months, we have contributed $100,000 to CEPI (the Coalition for Epidemic Preparedness Innovations) to work towards the development of a vaccine against COVID-19, $90,000 to Second Harvest Heartland to fight food insecurity among families in Minnesota, $40,000 to Minneapolis’ Longfellow Business Association to help small local businesses recover from devastating riot damage in the wake of the tragic death of George Floyd, and $18,000 to fund a community bulletin board resource for members of the community who rely on those small businesses, found in the local publication, the Longfellow Nokomis Messenger. We are hopeful we will continue forward with additional philanthropic partnerships in the future.
ADX’s third principle, to pursue self-reliance and to trust our decisions, is best demonstrated by our return of a substantial federal government PPP loan within days of receiving the funds.
The first days of quarantine were as scary for us as they were for everyone. Like many businesses with substantial headcount, we accepted our bankers’ urging to apply for federal payroll protection assistance. However, only days after ADX Labs received those federal funds, it was clear to us that too many other businesses in need were unable to apply before the initial tranche of funds were exhausted. We bet on the excellence of our people and our products, and we made the decision to immediately return the loan. Our strong sales and growth through the second quarter of 2020 are evidence that ADX will continue to make the world a better place, through the power of technology, for decades to come.